Greece Unemployment September 2020

Greece

Greece: Unemployment rate drops again in September

December 10, 2020

The number of unemployed workers decreased by 47,423 in September compared to August while the seasonally-adjusted unemployment rate dropped to 16.1% from the previous month’s 16.5%, according to data released by the Hellenic Statistical Authority. September’s unemployment rate marked the lowest reading since April and was also below September 2019’s 16.9%.

Greece’s unemployment rate had been falling steadily in recent years, since peaking at around 28% in the summer of 2013. Although the unemployment rate declined for the third month running in September, it is expected to remain elevated going forward as the pandemic and associated restrictions continue to weigh on the crucial tourism industry and small and medium enterprises—the backbone of the Greek economy.

Meanwhile, youth unemployment—categorized by individuals between the ages of 15-24—came in at 33.0% in September, below September 2019’s 35.3%.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 18.1% in 2021, which is down 0.1 percentage points from the previous month’s projection. For 2022, the panel sees the unemployment rate averaging 16.5%.


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Greece Unemployment Chart


Greece Unemployment September 20 20

Note: Month-on-month variation of unemployed people in thousands and unemployment rate in %.
Source: Hellenic Statistical Authority (ELSTAT) and FocusEconomics calculations.


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